Chapter 31.12 RCW

WASHINGTON STATE CREDIT UNION ACT

Sections

31.12.003FindingsIntent1997 c 397.
31.12.005Definitions.
CREDIT UNION ORGANIZATION
31.12.015Declaration of policy.
31.12.025Use of words in name.
31.12.035Application for permission to organizeApproval.
31.12.055Manner of organizingArticles of incorporationSubmission to director.
31.12.065BylawsSubmission to director.
31.12.075Approval, denial of proposed credit unionAppeal.
31.12.085Filing upon approvalFeeNotice to directorAuthority to commence business.
CORPORATE GOVERNANCE
31.12.105Amendment to articles of incorporationApproval of directorProcedure.
31.12.115Amendment to bylawsApproval of director requiredProcedure.
31.12.185Annual membership meetings.
31.12.195Special membership meetings.
31.12.225Board of directorsElection of directorsTermsVacanciesMeetingsRules.
31.12.235DirectorsQualificationsOperating officers and employees may serve.
31.12.246Removal of directors and supervisory committee membersInterim directors and supervisory committee members.
31.12.251Removal of directorsNo quorum.
31.12.255Board of directorsPowers and duties.
31.12.265Officers.
31.12.267OfficialsFiduciary dutyInformation relied onDefinition.
31.12.269Directors and committee membersLimitations on personal liabilityExceptions.
31.12.285Suspension of members of board or supervisory committee by boardFor cause.
31.12.326Supervisory committeeMembershipTermsVacanciesOperating officers and employees may not serveAudit committee alternative.
31.12.335Supervisory committeeDuties.
31.12.345Suspension of members of a committee or members of the board by supervisory committeeFor cause.
31.12.365Directors and supervisory committee membersCompensationReimbursementRules.
31.12.367RiskBond coverageNotice to directorTiming.
31.12.372Director may suspend any person, reasonNoticeInjunctions.
MEMBERSHIP
31.12.382Limitation on membership.
31.12.384Membership.
31.12.386Voting rightsMethodsProxyUnder eighteen years of age.
31.12.388Expulsion of memberChallengeShare and deposit accounts.
POWERS OF CREDIT UNIONS
31.12.402Powers.
31.12.404Additional powersPowers conferred on federal credit unionAuthority of director.
31.12.408Insurance required after December 31, 1998Federal share insurance program or an equivalent share insurance programDirector's findings.
31.12.413Low-income credit unionsDirector's approval requiredPowersRules.
MEMBERS' ACCOUNTS
31.12.416Shares and deposits governed by chapter 30.22 RCWLimitation on shares and depositsNotice of withdrawalLien rights.
31.12.418Dividends.
LOANS TO MEMBERS
31.12.426LoansSecured or unsecured loans.
31.12.428Limit on loan amount.
INVESTMENTS
31.12.436Investment of fundsWhen investment later becomes impermissible.
31.12.438Investment in real property or leasehold interestsLimitationsFuture expansionRules.
MERGERS, CONVERSIONS, AND VOLUNTARY LIQUIDATIONS
31.12.461Mergers.
31.12.464Merger or conversion of state into federal, out-of-state, or foreign credit union, or other type of financial institution.
31.12.467Merger or conversion of federal, out-of-state, or foreign to state credit union.
31.12.471Authority of out-of-state or foreign credit union to operate in this stateConditionsRules.
31.12.474LiquidationDisposition of unclaimed funds.
EXAMINATION AND SUPERVISION
31.12.516Powers of director.
31.12.518Powers of director under chapter 19.144 RCW.
31.12.545Examinations and investigationsReportsAccess to recordsOathsSubpoenas.
31.12.565Examination reports and specified other information confidentialExceptionsPenalty.
31.12.567ReportsFinancial and statistical dataAs required by director.
31.12.569Generally accepted accounting principles.
31.12.571Notice of intent to establish branchAnother state or foreign jurisdiction.
31.12.575Removal or prohibition ordersDirector's authorityNotice.
31.12.580Contents of notice under RCW 31.12.575HearingOrder.
31.12.585Prohibited actsNoticeCease and desist order.
31.12.595Temporary cease and desist orderNoticePrincipal place of businessSuperior court.
31.12.625Administrative hearingProcedures.
31.12.630Authority of director to call special meeting of board.
31.12.633Authority of director to attend meetings of the board.
31.12.637Intervention by directorConditions.
31.12.641Supervision by directorNoticeComplianceCosts.
31.12.644Supervision by directorCertain acts prohibited.
31.12.647Supervision by directorCredit union request for review.
31.12.651ConservatorAuthorized actionsCosts.
31.12.654Actions by conservatorReview.
31.12.657Lawsuits during period of conservatorship.
31.12.661Conservator serves until purposes are accomplished.
31.12.664LiquidationSuspension or revocation of articlesPlacement in involuntary liquidationAppointment of liquidating agentNoticeProcedureEffect.
31.12.667Order directing involuntary liquidationProcedure.
31.12.671ReceivershipAppointment of receiver by directorNoticeAct without bond.
31.12.674Director's ordersNotice to director of hearingHearingPrincipal place of businessSuperior court.
31.12.677Powers and duties of receiver.
31.12.681Claims against credit union in receivershipNotice.
31.12.684Receiver shall inventory assetsFile lists of assets and claimsObjections to approved claims.
31.12.687Expenses incurred by receiver.
31.12.691Liquidation dividendsApproval of court.
31.12.694Remaining assetsDistribution.
31.12.697Unclaimed liquidation dividends.
31.12.701Personal propertyReceiver's duties.
31.12.704Proceeds of saleDeposit or payment by receiver.
31.12.707Completion of receivershipMerger, purchase, or liquidationSecretary of state.
31.12.711Director may terminate receivershipExpenses.
31.12.714Receivership files.
31.12.717Pendency of proceedings for review of appointment of receiverLiabilities of credit unionAvailability of relevant data.
31.12.721Appointment by court of temporary receiverNotice to director.
31.12.724Actions that are voidFelonious conductPenalties.
31.12.726Conservator or receiver may terminate or adopt executory contractsTimingBinding termsLiability.
31.12.728Applicability of general receivership law.
MISCELLANEOUS
31.12.850Prohibited actsCriminal penalties.
31.12.853Prohibited actsCivil penaltiesRules.
31.12.860Taxation of credit unions.
31.12.890Satellite facilities.
31.12.891Automated teller machines and night depositories security.
31.12.902Short title.
31.12.906Effective date1997 c 397.
31.12.909ConstructionChapter applicable to state registered domestic partnerships2009 c 521.
31.12.910Effective date2010 c 87.

NOTES:

Business license system exemption: RCW 19.02.800.
Credit unions as public depositories: RCW 39.58.240.
Fairness in lending act: RCW 30A.04.500 through 30A.04.515.
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